By Ramon Lopez, Michael A. Toman
This significant choice of essays from the prime writers within the box, specializes in the significance of taking environmental concerns into consideration within the strategy of improvement and poverty aid. This e-book deepens our realizing of environmental sustainability in a context of financial development, placing sustainable improvement firmly again at the time table.
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Extra info for Economic Development and Environmental Sustainability: New Policy Options (Initiative for Policy Dialogue)
On the one hand, ﬁscal adjustment (monetary and ﬁscal policies to induce macroeconomic stability and to correct for internal and external disequilibria) has been a main mechanism used by the IMF to inﬂuence short-run policies. On the other hand, structural adjustment (trade, factor market, and ﬁnancial liberalization, privatization, and others) has been a key vehicle to inﬂuence long-run policies by the World Bank and associated international institutions. Despite that the policy agenda promoted by international organizations is hardly concerned about environmental sustainability—or, perhaps, because of this fact— this agenda has signiﬁcantly affected the environmental consequences of economic growth, as López argues in this volume.
Moreover, it is also accepted that management of this ‘natural capital’ stock is critical to the country’s ability to attain sustainable economic development. This is particularly relevant to low- and middle-income, or ‘developing’, countries, many of which have abundant stocks of environmental and natural resources that they must exploit efﬁciently and sustainably if these economies are to develop successfully (Barbier, 2003). In order to determine whether present-day developing economies are exploiting successfully their natural capital stocks to achieve sustainable development, it is useful to examine some of the key patterns of natural resource use in these economies.
In some cases, the authors have indicated that innovative solutions involving different strategies of decentralization and public participation can be effective. But in other instances, such solutions are ineffective; solutions must be based on solid evidence of promise, not on quixotic wishes. Our third point is that, although expanded trade may sometimes exacerbate the lack of environmental sustainability, there is, at this time, no broad and deep evidence that international trade itself has become an obstacle for environmental sustainability.
Economic Development and Environmental Sustainability: New Policy Options (Initiative for Policy Dialogue) by Ramon Lopez, Michael A. Toman